On January 1, 2013, the U.S. Congress passed last minute legislation known as the American Taxpayer Relief Act of 2012 (the Act) to avoid an automatic increase in income taxes for millions of Americans and draconian cuts to the budget of the federal government that many feared would plunge the nation’s economy back into recession. Also included in this eleventhhour legislative compromise were extensions of various tax credits related to renewable energy, energy efficiency and alternative fuel vehicles.
RENEWABLE ENERGY -
26 U.S.C. § 45 and 26 U.S.C. § 48 Renewable Energy Production and Investment Tax Credits:
The Act extended, for one year, the production tax credit (PTC) (26 U.S.C. § 45) and the investment tax credit (ITC)(26 U.S.C. § 48) applicable to renewable energy projects, specifically for wind, closed- and open-loop biomass, landfill gas and trash facilities, qualified hydropower, and marine and hydrokinetic energy facilities.
Please see full alert below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.